I plan to purchase a co-op in NYC soon. I currently have a house in New Jersey that I do not intend to sell at this time (purchased 15+ years ago; now we're downsizing and moving back to NYC but my kids will continue to live here and pay "rent," covering the mortgage.) I am still paying 2005 interest rates and intend to take advantage of the much lower interest rates available, especially with now... [more]
I plan to purchase a co-op in NYC soon. I currently have a house in New Jersey that I do not intend to sell at this time (purchased 15+ years ago; now we're downsizing and moving back to NYC but my kids will continue to live here and pay "rent," covering the mortgage.)
I am still paying 2005 interest rates and intend to take advantage of the much lower interest rates available, especially with now improved FICO scores.
FWIW, we have one credit card with less than $200 balance, one car paid in full and no other revolving debt. If necessary, we could pay both mortgages (as I've read enough here the past few weeks to know that they do not count rental income towards the mortgage, however, not sure how that works when the "renters" are people who already live in the house).
I am not certain of how this whole thing should be timed however, and was hoping for some advice on this whole thing.
Thanks in advance -
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Response by shong
over 15 years ago
Posts: 616
Member since: Apr 2008
If you refinance your NJ home with 'lender A' as a primary residence and within 1 year you purchase the coop and obtain your mortgage with the same 'lender A' then you may have issues on whether you get primary residence rates on your new purchase. But if you purchase the coop and then refinance, you wont be able to get primary residence rates on the NJ home. It will be considered an investment (regardless of whether you rent it out or not) unless it can be deemed a 2nd home. But it will have to have 2nd home characteristics (by the water, 50 miles away from your NYC coop, etc.) It would probably be best to talk to 2 different lenders and see which bank is best suited for which loan. Hope that helps a little.
sunny.hong@bankofamerica.com
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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009
If the home becomes is an investor property, the rates won't be as good as if it were a primary residence. How much of a penalty will be influenced by Credit Score, LTV and other similar factors.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
Fking mortgage fraud. Nice shong. Hey btw who do I contact about mortgage fraud by countrywide client who lied about her 'investment' being a primary mortgage to get it underwritten. I see from her chapter 7 trustee she listed her actual california home as her primary residence. When I called about my 80yo mother as tenant, the trustee said which state and which property?
What is so Fking hilarious is that the borker has been harassing me to pay her rent rent even though the asset has been abandoned. Seriously I need to know who to contact at BofA. Help a fellow se out buddy. Who the fk do I contact at BofA to get this Fking borker off me.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
She had 7 primary residences. Now I ask you.... Who is a da on se? This fker needs to go to jail, still trying to milk rents after her chap 7 filling. Unfuckingbelievable.
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Response by inonada
over 15 years ago
Posts: 8028
Member since: Oct 2008
w67th, I'm confused. Who has been asking your ma to pay rent?
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Response by NYCee
over 15 years ago
Posts: 16
Member since: Oct 2010
Thanks for your comments (and BTW I meant to put this in financing, not sure how it landed here, but first post and all.)
Shong - FWIW my current mtg is actually with BOA, and it turns out they are one of the lenders of record for the building I'm interested in, so my thought was to go to them first.
Riversider - if what I've learned reading these boards is correct, I figure my current LTV to be 80% (based on last appraised value). Considering the recent sale of the house next door, which is almost identical, except I have a 2-car driveway and backyard, and they have no parking and only a side strip, conservatively I would expect an updated appraised value to bring the LTV to 75%.
I plan to speak with a professional about this, but I wanted to get some feedback first from people who had nothing to gain by any decision I made.
Thank you all ....
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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009
Unfortunately I have to agree, this question is often posed by those looking to commit mortgage fraud.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
The lemming LL who declared chap 7 8 months ago. Fyi, my wife and i support my mother in law by paying her rent. I cosigned as she has no income. The LL is out of state and the borker still wants rent. Hilarious
What shall I do, I'm so so so scared of the LL. She is a Lord.
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Response by NYCee
over 15 years ago
Posts: 16
Member since: Oct 2010
RS - I understand. Not in this situation though; I'd have to be a lot smarter about what mortgage fraud consists of, before trying to actually commit it. This is the first and only home I've owned, NYC born and raised and apartment living most of my life.
I'm just unsure about how to accomplish both my goals in the most efficient way, given that I'm not selling first and then buying again.
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Response by shong
over 15 years ago
Posts: 616
Member since: Apr 2008
Nyc- you will have to choose one of the mortgages as your primary residence if you do both your mortgages through bofa. You should talk to other lenders about their policies if you decide to get your mortgages from 2 different lenders.
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Response by Nov19comm1
over 15 years ago
Posts: 5
Member since: Nov 2010
w67thstreet, how many children have you played with today?
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Response by inonada
over 15 years ago
Posts: 8028
Member since: Oct 2008
What's the borker got to do with it? Shouldn't the bank or trustee have asked for the rent to be paid directly? Or does it first need to go to foreclosure?
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Response by nov19comm2
over 15 years ago
Posts: 6
Member since: Nov 2010
w67thstreet
about 1 hour ago
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She had 7 primary residences. Now I ask you.... Who is a da on se? This fker needs to go to jail, still trying to milk rents after her chap 7 filling. Unfuckingbelievable.
Apt23/wbottom, can you provide the name and number of the DA you worked with when you called the police and said he was illegally going to buy a gun to use to threaten your neighbor?
Thanks
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
Trustee and bank was never informed a 'renter' was in place. So I played stupid and said please have trustee direct rent payments. For some reason, the borker tried to get me to cough up the $20k in arrears, thinking he'll play stupid and get his 10%, bf anyone knows what's happening. Fking hilarious.
He had the ballz to send me a standard trustee stmt basically abandoning all assets and liabilities, as proof the LL was out of bankruptcy and I should forward rents, late fees plus 12% interest asap! I Fking ripped him a new azzhole. After our 'conversation' let's say I'm waiting for BofA to contact me regarding financial reform act of 2010. Me thinks my mother will be staying for quite awhile..... Thank you taxpayers! Here is another zero performing loan still on the books of BofA. Thank you mr. Shong.
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Response by inonada
over 15 years ago
Posts: 8028
Member since: Oct 2008
Sounds like a barrel of fun.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
I've actually got quite the smirk on. It seems to me, BofA doesn't want to move on this, trustee laughed and said plz have "LL" and/or borker call the attorney assigned on the case (the assistant couldn't believe that they were trying to collect on the rent after the filing date), I've got a sympathetic "processor" on the foreclosure side.... and looks like I just need to await a sherriff's posting letting me know whom to call.
ALL in ALL, a fantastic turn of events. Either I can buy the property for 1/2 the loan balance, they negotiate a longer term lease wiping our my arrears and/or they ask me to politely to leave after the lease is over. or they do nothing for several more years. IT took 3 yrs to get to this level. What's to say it won't take 3 yrs to figure out if this paper was fraudulently underwritten... and it turns criminal..... oh there's this 80yo grandmother.... whos' gonna kick out an old lady who did nothing wrong? and a son-in-law who's jonsing for a legal fight with the lemming players involved.
If you refinance your NJ home with 'lender A' as a primary residence and within 1 year you purchase the coop and obtain your mortgage with the same 'lender A' then you may have issues on whether you get primary residence rates on your new purchase. But if you purchase the coop and then refinance, you wont be able to get primary residence rates on the NJ home. It will be considered an investment (regardless of whether you rent it out or not) unless it can be deemed a 2nd home. But it will have to have 2nd home characteristics (by the water, 50 miles away from your NYC coop, etc.) It would probably be best to talk to 2 different lenders and see which bank is best suited for which loan. Hope that helps a little.
sunny.hong@bankofamerica.com
If the home becomes is an investor property, the rates won't be as good as if it were a primary residence. How much of a penalty will be influenced by Credit Score, LTV and other similar factors.
Fking mortgage fraud. Nice shong. Hey btw who do I contact about mortgage fraud by countrywide client who lied about her 'investment' being a primary mortgage to get it underwritten. I see from her chapter 7 trustee she listed her actual california home as her primary residence. When I called about my 80yo mother as tenant, the trustee said which state and which property?
What is so Fking hilarious is that the borker has been harassing me to pay her rent rent even though the asset has been abandoned. Seriously I need to know who to contact at BofA. Help a fellow se out buddy. Who the fk do I contact at BofA to get this Fking borker off me.
She had 7 primary residences. Now I ask you.... Who is a da on se? This fker needs to go to jail, still trying to milk rents after her chap 7 filling. Unfuckingbelievable.
w67th, I'm confused. Who has been asking your ma to pay rent?
Thanks for your comments (and BTW I meant to put this in financing, not sure how it landed here, but first post and all.)
Shong - FWIW my current mtg is actually with BOA, and it turns out they are one of the lenders of record for the building I'm interested in, so my thought was to go to them first.
Riversider - if what I've learned reading these boards is correct, I figure my current LTV to be 80% (based on last appraised value). Considering the recent sale of the house next door, which is almost identical, except I have a 2-car driveway and backyard, and they have no parking and only a side strip, conservatively I would expect an updated appraised value to bring the LTV to 75%.
I plan to speak with a professional about this, but I wanted to get some feedback first from people who had nothing to gain by any decision I made.
Thank you all ....
Unfortunately I have to agree, this question is often posed by those looking to commit mortgage fraud.
The lemming LL who declared chap 7 8 months ago. Fyi, my wife and i support my mother in law by paying her rent. I cosigned as she has no income. The LL is out of state and the borker still wants rent. Hilarious
What shall I do, I'm so so so scared of the LL. She is a Lord.
RS - I understand. Not in this situation though; I'd have to be a lot smarter about what mortgage fraud consists of, before trying to actually commit it. This is the first and only home I've owned, NYC born and raised and apartment living most of my life.
I'm just unsure about how to accomplish both my goals in the most efficient way, given that I'm not selling first and then buying again.
Nyc- you will have to choose one of the mortgages as your primary residence if you do both your mortgages through bofa. You should talk to other lenders about their policies if you decide to get your mortgages from 2 different lenders.
w67thstreet, how many children have you played with today?
What's the borker got to do with it? Shouldn't the bank or trustee have asked for the rent to be paid directly? Or does it first need to go to foreclosure?
w67thstreet
about 1 hour ago
ignore this person
report abuse
She had 7 primary residences. Now I ask you.... Who is a da on se? This fker needs to go to jail, still trying to milk rents after her chap 7 filling. Unfuckingbelievable.
Apt23/wbottom, can you provide the name and number of the DA you worked with when you called the police and said he was illegally going to buy a gun to use to threaten your neighbor?
Thanks
Trustee and bank was never informed a 'renter' was in place. So I played stupid and said please have trustee direct rent payments. For some reason, the borker tried to get me to cough up the $20k in arrears, thinking he'll play stupid and get his 10%, bf anyone knows what's happening. Fking hilarious.
He had the ballz to send me a standard trustee stmt basically abandoning all assets and liabilities, as proof the LL was out of bankruptcy and I should forward rents, late fees plus 12% interest asap! I Fking ripped him a new azzhole. After our 'conversation' let's say I'm waiting for BofA to contact me regarding financial reform act of 2010. Me thinks my mother will be staying for quite awhile..... Thank you taxpayers! Here is another zero performing loan still on the books of BofA. Thank you mr. Shong.
Sounds like a barrel of fun.
I've actually got quite the smirk on. It seems to me, BofA doesn't want to move on this, trustee laughed and said plz have "LL" and/or borker call the attorney assigned on the case (the assistant couldn't believe that they were trying to collect on the rent after the filing date), I've got a sympathetic "processor" on the foreclosure side.... and looks like I just need to await a sherriff's posting letting me know whom to call.
ALL in ALL, a fantastic turn of events. Either I can buy the property for 1/2 the loan balance, they negotiate a longer term lease wiping our my arrears and/or they ask me to politely to leave after the lease is over. or they do nothing for several more years. IT took 3 yrs to get to this level. What's to say it won't take 3 yrs to figure out if this paper was fraudulently underwritten... and it turns criminal..... oh there's this 80yo grandmother.... whos' gonna kick out an old lady who did nothing wrong? and a son-in-law who's jonsing for a legal fight with the lemming players involved.
smirking still.